Iran's return to oil market gradual: Oil Minister

Iran's Minister of Petroleum Bijan Zanganeh says Iran's return to global oil market will be gradual once international sanctions against the country are lifted, Press TV reports.

Iran's Minister of Petroleum Bijan Zanganeh

Speaking during an address to the 6th OPEC International Seminar in Austrian capital city of Vienna, the Iranian minister added, “Immediately or one month after the sanctions are lifted, we will pump half a million barrels per day to the market and after 6-7 months, we will reach one million barrels [a day] and I don’t believe that with the maturity of OPEC it will have a bad effect on the market.”

Emphasizing that Tehran attaches great importance to its share of the market, Zanganeh said, “...for long-term and mid-term, the new form of Iranian contract for new projects ... will be introduced and we [will] sign new contracts based on this new framework and structure, which we believe will be more attractive for the investors” and international oil companies.

Zanganeh went on to note that “oil market stability through supply balance will remain [a] priority for OPEC in all circumstances.”

He added that oil price must be held at a level that would motivate investment and “also effect inter-fuel competition.”

“The energy industry must be depoliticized, free from sanctions and limitations and [with] access to financial services, technology and markets,” in order to ensure further development of production capacity in OPEC member countries, Zanganeh said.

Zanganeh arrived in Vienna to take part in the 6th OPEC International Seminar on Wednesday. Upon his arrival in the Austrian capital, he called for an “appropriate decision” by OPEC to curb a global oil supply glut.

“It's very clear that we have oversupply in the market and this oversupply puts pressure on the price,” Zangeneh told Press TV, adding, “And now it's our responsibility to review this situation and to take an appropriate decision for balancing the market but it depends on consensus among all OPEC members.”

The Organization of the Petroleum Exporting Countries (OPEC) is hosting its 6th International Seminar at the Hofburg Palace in Vienna, Austria, on 3−4 June 2015. The theme of the event is “Petroleum: An Engine for Global Development.”

The seminar will examine a range of important energy issues with presentations by ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

Major topics to be discussed at the seminar include the global energy outlook, market stability, oil investments, technology and the environment, and the state of the world economy.